Sunday, July 31, 2011

New Delhi: The economic offences wing (EOW) of Mumbai Police on Friday took into custody Tarak Bajpai, chief operating officer of Speak Asia Online, as part of its investigation into alleged fraud by the survey firm.

The police also detained four vendors of Speak Asia from Mumbai and Indore.

Singapore-based Speak Asia says it uses the collective bargaining power of 1.9 million online consumers to get discounts on goods and services. In addition, its members are paid for conducting online surveys for its clients.

“There is no crime, no victim, no complainant. This is based on a public interest litigation filed by a person who keeps filing such PILs,” said Manoj Kumar, chief executive, Speak Asia (India).

Mumbai police took Bajpai for interrogation from Indore to Mumbai early Friday despite Speak Asia’s “best efforts to conduct an amiable discussion with the authorities,” the company said in a statement. “This sudden development has shaken us as it puts a blot on our integrity and promise to the millions of people who are part of Speak Asia.”

Corporate affairs minister Veerappa Moily has called for the documents of Speak Asia.

The Registrar of Companies (RoC) Delhi, too, is investigating the company under section 591 of the Companies Act, 1956, which deals with companies not registered in India but having established business in the country and represented by an Indian citizen or firm.

The ministry of corporate affairs, or MCA, is looking into why Speak Asia is not registered in India, its investments, how it conducts its business, where it gets its money and how it pays its members, a ministry official said in an earlier interview.

“I have called for the relevant materials on Speak Asia. We will take a call after examining them,” Moily said.

In May, Kirit Somaiya, president of the Investors Grievances Forum in Mumbai, filed a complaint with the EOW of Mumbai Police against Speak Asia claiming to have received several complaints from consumers related to fraudulent business dealings among other things.

Speak Asia, which has been operating in India since 2010, earned a revenue of $80.5 million (around Rs360 crore today) in the last three quarters, according to a company presentation last month.

The investigations have worried Speak Asia’s members .

Manisha Subhash Chauhan, a homemaker in Thane, Mumbai, invested Rs11,000 in Speak Asia this April. “We were supposed to get Rs3,500 and Rs1,000 extra (from Speak Asia) if we roped in more members,” she said. Chauhan hasn’t received any money from the company for introducing new members. Emails to Speak Asia have yielded no result, she said.

Mohammed Saif, senior product manager at a pharma company in Delhi, said he invested around Rs3.5 lakh in December and got Rs1.4 lakh the next month. But in May he got a mail from Speak Asia stating it was ready to pay but its account was frozen by the government.

“It is a very good scheme for a common man,” said Saif. “But then it was caught amidst all the charges of fraud and now things don’t look as good as it used to be. My father has been a member of Speak Asia and he didn’t lose any money. But I am stuck.”

Arrested Speak Asia COO insists there is nothing amiss

Tarak Bajpai, COO of Speak Asia, does not believe that any operation of the Singapore-based firm is above law. Tarak had recently made it big after becoming associated with Speak Asia, a firm earlier called Haren Technologies.

“We are not operating above law. During previous queries, all departments had given a clean chit to the company. This questioning is also a small part of it,” Tarak said before being flown to Mumbai.

Born in Indore on May 24, 1975, Tarak completed his early education at St Paul’s High School and graduation from Holkar Science College, which ironically, was also the alma mater of his father Vimalendu Bajpai, a senior executive with pharmaceuticals major Abbott Laboratories.

He honed his skills during a short service commission with the Indian Air Force, which he joined immediately after graduation and getting a ‘C’ certificated from NCC Air Wing at Indore.

Soon after returning to Indore, Tarak eyed for a place in the aviation sector. He along with his wife Swarna Walia Bajpai, started the firm Genesis Aviation — dealing with pilot training and aviation accessory support solutions.

While floating his firm, Tarak was associated with the Indore Flying Club, imparting training to aspiring pilots. His excellent communication and interpersonal skills helped him scale the ladder at Speak Asia Pvt Ltd. He was roped in to hold meetings across the country attracting prospective panelists.

Despite his detainment, Tarak feels Speak Asian panelists should not worry. The company management is here to support all.

Anticipating the legal hurdles, he had also approached the high court. “I have got relevant orders from the high court to deal with any unforeseen circumstance,” Tarak said.

The company also claims it has written to several agencies and regulatory bodies in India, as also the Prime Minister’s Office, for a thorough probe into its affairs since allegations against it could damage its reputation and trust.

MUMBAI: The Singapore-registered company SpeakAsia allegedly committed fraud that could touch Rs 8,000 crore, said angry investors, including Navneet Khosla, who had registered a complaint against the company with the Mumbai police. He has accused SpeakAsia of cheating him of Rs 2.4 lakh.

While investigators refused to comment on this figure saying they are still examining the accounts, investors say that many of them have put in lakhs into SpeakAsia.

Sources say the company has 'recruited' 20 lakh investors across the country, but its website pegs the number at 19 lakh.

Even Andheri resident Rajmani Shukla claimed the alleged fraud could touch Rs 10,000 crore in his PIL in the Bombay high court. On Friday, the Mumbai police had pegged the fraud at Rs 1,320 crore.

Meanwhile, the economic offences wing (EOW) of Mumbai police, which is investigating the firm, arrested a fifth person, Deepankar Sarkar- an active promoter--from Raipur on Saturday. He has been remanded in police custody till August 4.

"Sarkar was one of the company's first promoters and as of January 2011 had earned Rs 35 lakh through returns. When Speak-Asia introduced its scheme in February 2010, there were just 100 panellists," said Khosla.

Acting on Kholsa's complaint and its own investigations, the economomic offences wing on Friday, arrested four senior executives of the firm in Indore, including chief operational officer Tarak Bajpai. SpeakAsia has also been accused of transferring Rs 700 crore to Singapore.

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Friday, July 29, 2011

The Mumbai police has arrested the chief operating officer of an online survey company for alleged financial irregularities, police said on Friday.

Tarak Bajpai, the chief operating officer (COO) ofSpeak Asia, was arrested late last night in connection with a forgery case from the Vijay Nagar police station area, City Superintendent of Police Amarinder Singh said.

Singh, who refused to give further details, said that Bajpai was being taken to Mumbai for detailed interrogation.

The Singapore-based company Speak Asia, which is yet to be incorporated as a company in India, charges a membership fee of Rs 11,000 for a year. The members are expected to conduct online surveys for clients of the firm. Members are paid for conducting the surveys.

Following a controversy in May this year over the company's operations, an investors protection group filed a public interest litigation (PIL) in the Bombay High Court.

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According to Joint Commissioner, In Mumbai : This is Only Starting this Web portal SpeakAsiaonline.com was operated by tarak and 1 more person with his links in Mumbai . They have arrested all of Them.

Case of 420a was on all 5 peoples arrested and other case are done for Money Circulation Acts.
1. Tarak Vajpayee, COO
2. Dipankar sarkar - First Person Join Speak Asia from India
3. Mr Malhotra
4. Mr Ravi khana and one more
Police will investigate further in this issue and Till 4th August All are Send for Judicial Custody.
They even Said Manoj Kumar CEO ran to Dubai and about Hiren Kaur no information.

Question 1 : Did the Application Submitted on 4th of July in ING Vyasa Bank for
Account opening .. Did Bank Will give permission to those who have Already
have a Case 420a ?

Question 2: What will Happens to Speak Asia Liaison Office In India ?

Question 3 : What Will Happens to the commitments done By Speak Asian
Speak Asia Pop Up 25 July 2011 ?

Biggest Question Who is Responsible for Getting their Payouts back from Speak Asia in Panelist
Account.. Government is Right on His END and Speak Asia Breaks Many Law in India and Chain Scheme is illegal in India .

Internal News is This was Action Done By Speak Asians who have joined Last 2 Month Before these have filed the Case against Speak Asia and Tell everything . After Listing to all facts .
Enforcement Wing Bombay Plan Every thing and Pick Up All who have information.

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Area You can Advertise Also )

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Fraud Companies

Ram
Survey Fraud

According to Aaj Tak Super Fast News in the Morning 9:00 AM .
Mumbai Crime Branch has arrested Speak Asia CEO Mr. Manoj Kumar from Mumbai and
Also arrested Tarak Bajpai Speak Asia From Indore they both are part
of Speak Asia Management
According to news this action was taken after receiving complaints by some peoples.
Some Speak Asians said this is Right thing as from a long time company is changing dates on payout.
According to last Pop-Up By Speak asia Online .
Speak Asia Pop Up 25 July 2011
Many things which are pending who will complete them Now.This is also said that company previous ally
saying that they are said that they are doing survey and Itself as " Consumer Empowerment " but now company given their panelist option of Speak Asia Online Shopping
of their own Brand " Yug "

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Mr. Tarak Bajpai Said " I am Just Going for an Investigation "choti se investigation hain ore company ore Management ke subhi loog aap loogo ke sath mein hain isliye nishiant rahega jaise sabhi department ne humhein clean chit de hain they will also give.
( English : I Am Going For an Investigation . Speak Asians Don't Worry Management and Company is with you and As other departments give us a clean chit they will also Give us.

When a Reporter ask ---
Question 1 : In What Charges you are get Arrested ?
Answer : Pakra to hain hein nahi abhi to . ( I am Not Arrested )

Question 2 : Kis mamle me le ja rahein hain apko ? ( In what Case you are Taken ?)
Answer : Tarak Says while showing the Document " I have Stay Order of High Court .

Speak Asia Reaction was given with a Pop Up just after news gone aired at 09:00 AM.

Speak Asia Pop Up 29 July 2011

We have news that this was done in case some Peoples who have invested money and they are worried about
their payments so they have done some Online FIR against the company . These People's want their money
as company is giving Dates not Saying Any thing on Payment Issues.

Tarak Bajpai, chief operating officer of Speak Asia has been arrested by the Economic Offences Wing of the Mumbai [ Images ] police.Bajpai, who is the most prominent face of the online survey company's India [ Images ] operations, was arrested under Indian Penal Code for cheating and conspiracy and Sections 3, 4, and 5 of the Money Circulation Act.

Arrest of Bajpai comes after the Bombay high court had a discussion with the Additional Commissioner of Police Rajvardhan Sinha in response to a public interest litigation demanding action against the management of Speak Asia.

Originally registered in Singapore, Speak Asia does not have a single office in India.

Though not legally registered in India, the company, in the recent past had built a client base of over 19 lakh (1.9 million) members.

How Speak Asia operatesThe company requested users to enroll with Speak Asia's online survey by paying an initial amount of Rs 11,000.

The members are supposed to fill online surveys and submit them to the company's Website.

For every form filled and submitted the client was paid Rs 200, for two forms they received Rs 1,000.

The company promised that in four weeks the client would be paid Rs 4,000 and in 12 months about Rs 48,000. However, for the past two months none of Speak Asia's members has received any compensation.

All the transaction with the client - to and fro were online and account to account.

Few companies -- like ICICI [ Get Quote ] and Bata [ Images ] -- that Speak Asia claimed had given them surveys to be conducted have completely denied having ever contacted the company.

All financial transactions were conducted by agents in their personal capacity, and not by any member of the management.

There is a growing suspicion that the company was taking money from one member and paying it off to another.

Suspicion that the money was internally circulated arises from the fact that there is a three-month time lag for recovering the original subscription amount paid by a member.

Bajpai was arrested on Friday morning from Indore.

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